BREAKING: Nike co-founder and chairman Phil Knight stepping down:

Nike wouldn't be where it is today without Phil Knight, who helped establish the brand in 1968, originally as Blue Ribbon Sports. Today it's being reported that he will step down from his current role as chairman in 2016, according to the Associated Press . In the report, it says that Knight wishes Mark Parker, the brand's current CEO, to take his place. Knight, who is 76, is said to "transfer most of his Nike stock to a limited liability company," according to the AP . Knight's son, Travis, was also appointed to a spot on Nike's board today. ESPN Sports' Darren Rovell reports that Knight will transfer $13.88 billion of this stock into a new LLC called "Swoosh." Phil Knight announces he is transferring $13.88 billion worth of his Nike stock into a new LLC called Swoosh. — Darren Rovell (@darrenrovell ) June 30, 2015 In a Nike press release, Parker said , “Phil founded Nike...